Services

PIC Claim Assistance

PIC Claim Assistance

Relax and let Pixart save you the hassle by helping you with the processing of your PIC Claim.

Enjoy 60% Cash Payout from IRAS!   Last 20 Days!

Website development is PIC claimable. Save more and get more. Pixart will even assist you with the application. Hurry and grab this offer until 1st August 2016.
 
Part of Pixart’s core customer support is our excellent after-sales service. We will not leave you just hanging after developing your project, but we will also cooperate with the PIC processing. Few things to know about PIC:
 
1. What is PIC? 
PIC, or Production and Innovation Credit scheme is a subsidy given by IRAS to encourage productivity and innovation activities in Singapore. It provides support to businesses that make investments to improve their productivity. Under the scheme, businesses will enjoy up to 60% subsidy for the costs incurred under the qualifying activities of PIC.
 
However, the rate of subsidy will be reduced from 60% to 40% for qualifying expenditure incurred on or after 1 August 2016, as announced in Budget 2016.
 
2. Is my company eligible to claim for PIC? 
Applying company should have active business operations in Singapore; and meet the local three-local employee condition – CPF contributions for at least three local employees in the last three months
 
3. What are the qualifying activities under PIC? 
These are the Six (6) Activities Qualifying Activities under PIC:
  •  Acquisition and Leasing of PIC It and Automation Equipment
  •  Training of Employees
  •  Acquisition and Licensing of Intellectual Property Rights (IPR)
  •  Registration of Patents, Trademarks, Design and Plant Varieties
  •  Research and Development (R&D) Activities
  •  Design Projects Approved by Design Singapore Council
 
4. What are the website or system development costs that qualify for PIC? 
  •  New website including one-time registration of a domain name for the website
  •  Revamp of website with additional features:
               -   E-commerce
               -   Mobile Responsive
               -   Customer Relationship Management (CRM) System
               -   Inventory Management System (IMS)
               -   Intranet System
               -   Human Resource Management System (HRMS)
               -   Reservations Management
               -   Customer Relationship Management (CRM) System

5. When can I claim for PIC?
You may only be able to apply for PIC claim after the qualifying expenditure has been incurred. You cannot claim PIC benefits (both cash payout and enhanced allowance) if the website is under development. The claim can only be made when the website is functional i.e. accessible over internet.
 
6. How do I go about applying for PIC claim? 
Claims can only be made after the project is completed. After that, here are the steps to follow:
  • Apply for cash payout after the end of each quarter or combined consecutive quarters in the business’ financial year, but not later than the filing due date of the Income Tax Return
  • Complete and submit PIC cash payout application and relevant forms online
  • Check PIC cash payout application status, if necessary
  • Receive the cash payout
 
7. How long will I be able to get the cash payout?
After applying for the cash payout, IRAS will process your application and will disburse the cash payout within 3 months. In most cases, IRAS processes the application within 6 weeks.
 
8.Will there be an administration fee if I seek Pixart’s assistance in claiming PIC? 
We will help you with the processing of the PIC FREE OF CHARGE, provided the claim will only be for the project done by Pixart. However, if the claim will be made along with other projects/items not done by Pixart, administration fees will apply.
 
For more information, please visit IRAS website: https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/